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Wealth Management Operations Escheatment Director
Morgan Stanley
New York, NY, United States
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Description
Morgan Stanley is a leading global financial services firm providing a wide range of investment banking, securities, investment management and wealth management services. The Firm's employees serve clients worldwide including corporations, governments and individuals from more than 1,200 offices in 43 countries.
As a market leader, the talent and passion of our people is critical to our success. Together, we share a common set of values rooted in integrity, excellence and strong team ethic. Morgan Stanley can provide a superior foundation for building a professional career - a place for people to learn, to achieve and grow. A philosophy that balances personal lifestyles, perspectives and needs is an important part of our culture.
Operations is one of the largest divisions in the firm and has diverse responsibilities, including correctly settling and recording millions of transactions per day, identifying and mitigating all operational risks, developing strong client relationships and partnering with technology to realize the full potential of IT and e-solutions. Throughout, the Operations department continually seeks ways to improve while actively supporting the development of new businesses, structures and markets.
Global Wealth Management Operations provides brokerage, investment and financial services to hundreds of thousands of individual investors. We apply our expertise in serving institutional clients to create new opportunities for people to achieve their personal financial goals. Morgan Stanley has one of the largest retail brokerage networks, with numerous worldwide representatives and retail locations.
Our services are tailored to each client's investment objectives, risk tolerance, and financial needs. Products include mutual funds, stocks, bonds, and alternative investments where appropriate, as well as banking, mortgages, insurance and annuities.
Responsible for oversight of the Company’s Escheatment process to minimize risk and ensure compliance with relevant laws and legislation pursuant to the unclaimed property requirements across all jurisdictions.
• Act as a contact point within the Company for unclaimed property inquiries
• Establish guidance on the appropriate implementation of Compliance laws, regulations, rules and standards, through policies and procedures
• Manage unclaimed property reporting process
• Assist senior management in compiling unclaimed property reports and responses to audit requests
• Interact with business areas, internal and external auditors on regulatory topics
• Understand state escheatment statutory requirements
• Operate independently with in-depth knowledge of Compliance risk avoidance
• Serve as Subject Matter Expert
• Monitor and insure that all data and documentation for the Unclaimed Property (UCP) process, is documented, reviewed and accurately prepared
• Approve escheatable property and update Tracker system with client/asset detail
• Respond to and coordinate with clients/business areas in regards to due diligence efforts
• Maintain format file of escheated shareholders, reconcile and coordinate the delivery of property to the state/ state custodians
• Liaison with the state regarding inquiries
• Work with all levels of internal and external contacts regarding receiving, reconciling and reporting unclaimed assets
• Work with Clients as information is required or requested (i.e., due diligence)
• Monitor, review and sign off on unclaimed property accounts
• Work on assigned projects that are to be completed in order to support Escheatment Operations
• Demonstrated experience identifying and addressing client needs: actively participating in discussions and meetings
• Demonstrated experience as a team leader: creating a positive environment by monitoring workloads of the team while meeting client expectations; providing candid, meaningful feedback in a timely manner, and keeping leadership informed of progress and issues
• Ability to effectively present information and respond to questions from business areas, managers and clients.
Qualifications
• Bachelor's degree (B. A.) from four-year college or university; or one to three years related experience and/or training; or equivalent combination of education and experience.
• Unclaimed property experience not required, but recommended.
• Strong interpersonal and communication skills with the ability to establish excellent working relationships with internal business areas, auditors and clients.
• Project management capabilities.
• Strong critical thinking, organizational and problem-solving skills.
• Considerable technical skills, large data management processing and MS Excel.